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AW-Energy Raises $9 Million to Commercialize Wave-Power System

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Sept. 3 (Bloomberg) -- AW-Energy Oy, the Finnish developer of systems that generate power from the motion of waves, raised $9 million from investors including the country’s biggest utility Fortum Oyj to commercialize its technology.

Sitra, an innovation fund that reports to the Finnish parliament and Tekes, the national technology-investment agency, also participated in the financing round, AW-Energy said today in a statement.

AW-Energy, based in Vantaa, is seeking to commercialize its WaveRoller device, which is affixed to the sea floor and generates power as waves move a panel back and forth.

The company installed three WaveRoller units in a pilot project off the coast of Portugal in August. The 5.4 million euro-project ($6.8 million) has capacity of 300 kilowatts and received 3 million euros of European Union funding.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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